Construction of a six-story, 120,000-square-foot headquarters for Marathon Petroleum’s pipeline subsidiary, MPLX LP, will start in November and be finished in spring 2016.
The building will be across Hardin Street from Marathon Petroleum headquarters and connected by an enclosed walkway on the third floor. A site plan for the building was approved Thursday by Findlay City Planning Commission.
Marathon Petroleum is not disclosing the cost of the MPLX building. It is part of an $80 million addition of two office buildings and two multi-level parking garages to Marathon Petroleum’s downtown complex.
Marathon Petroleum will be adding 150 MPLX employees by year-end 2017 and they will be among the workers in the new building.
Oil pipelines are in demand. So they are being planned and built with Middle North America booming with lots of cheaper crude oil. Refiners are rushing to buy the crude oil to turn a good profit.
Marathon spun off some of its pipeline operations nearly two years ago into the publicly traded MPLX, pleasing investors. It offers them a piece of the oil business which earns more steady profits than refining. Because of that, it pays bigger dividends regularly, which investors like.
It also offers investors growth prospects. Marathon Petroleum can sell more pipelines or barges or other assets to MPLX, which will help it earn yet more profits.
Downtown Findlay will get a big lift from Marathon Petroleum’s and MPLX’s growth.
“We’re excited about what the future of downtown Findlay is going to look like when the plans are complete,” Mayor Lydia Mihalik said.